In the table below, individual demand schedules for tex, dex and rex
In the table below, individual demand schedules for Tex, Dex and Rex are shown in addition to [total] market demand.
a. Fill in the missing values in this table.
b. (i) Which buyer demands the most at a price of $7?
(ii) Which buyer’s quantity demanded increases the least when the price is lowered from $7 to $6?
c. Which direction would the market demand curve shift if Tex withdrew from the market?
d. What if Dex doubled his purchases at each possible price?
e. Suppose that at a price of $6, the total quantity demanded increases from 14 to 22. Is this a ‘change in the quantity demanded’ or a ‘change in demand’?